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Saudi Arabia spearheads CSR strategy
Saudi Minister of Human Resource and Social Development Ahmed bin Sulaiman Al Rajhi has given the go-ahead of a Corporate Social Responsibility (CSR) strategy.
In a statement, the ministry said the measure is meant to promote companies’ commitment to the CSR which is part of the ministry’s national transition program.
The strategy analyzed Saudi companies’ CSR mechanism and compared this to the best international practices involved.
The ministry said it seeks to entrench the culture of CSR in all development sectors, thus contributing to getting more companies to adopt CSR programs. This will positively affect social, environmental and economic development.
The strategy is also meant to build a CSR infrastructure through promoting six main axes; namely partnerships and governance, systems and bylaws, national planning, incentives, awareness and monitoring.
The ministry held a number of workshops with bodies from the private, public and non-profit sectors.
These workshops came up with a unified CSR definition which is voluntary work meant to create sustainable impact for social, economic and environmental development.
The ministry is preparing a program for categorizing companies according to their CSR contributions. This will form the basis for offering moral and financial incentives for these companies.
This will also lead to developing the concept of institutions’ philanthropic actions to be a systemized action having sustainable development impact.
Saudi Arabia’s CSR activities:
Saudi Arabia has been an active player in the CSR score. Few months ago, the Saudi Ministry of Human Resources and Social Development signed a memorandum of understanding with the Red Sea Development Co. (TRSDC) in an effort to enrich local communities through corporate social responsibility (CSR) programs in line with the Sustainable Development Goals.
Earlier this year, the Regional Network for Social Responsibility (CSR) – a member of the United Nations (UN) Global Compact – has chosen Princess Hind bint Abdulrahman Al-Saud as the global social responsibility ambassador in recognition of her leading role advocating community services in the kingdom.
Princess Hind participated in a campaign launched in March by the Regional CSR Network to support the international response to combat the coronavirus disease (COVID-19) pandemic.
Moreover, Saudi Arabia’s heavyweight company Aramco has been committed to serving the Sustainable Development Goals, especially with regard to offering innovative environmental solutions, creating jobs and combating climate change.
Aramco has signed by the end of 2019 seven memorandums of understanding (MoUs) with international companies from six countries to promote sustainability, green environment and artificial intelligence (AI) in addition to creating jobs, boosting economy and developing technology.
Aramco has also developed a low CO2 Class 8 heavy-duty truck that utilizes one of the company’s flagship technologies, a mobile carbon capture system that dramatically reduces CO2 emissions at the tailpipe.
These represented examples to Saudi Arabia’s efforts to realize sustainable development and promote CSR efforts.
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